When sessile droplets are excited by ultrasonic traveling surface acoustic waves (SAWs), they undergo complex dynamics with both oscillations and translational motion. While the nature of the Rayleigh-Lamb quadrupolar drop oscillations has been identified, their origin and their influence on the drop mobility remains unexplained. Indeed, the physics behind this peculiar dynamics is complex with nonlinearities involved both at the excitation level (acoustic streaming and radiation pressure) and in the droplet response (nonlinear oscillations and contact line dynamics). In this paper, we investigate the dynamics of sessile and pendant drops excited by SAWs. For pendant drops, so-far unreported dynamics are observed close to the drop detachment threshold with the suppression of the translational motion. Away from this threshold, the comparison between pendant and sessile drop dynamics allows us to identify the role played by gravity or, more generally, by an initial or dynamically induced stretching of the drop. In turn, we elucidate the origin of the resonance frequency shift, as well as the origin of the strong correlation between oscillatory and translational motion. We show that for sessile drops, the velocity is mainly determined by the amplitude of oscillation and that the saturation observed is due to the nonlinear dependence of the drop response frequency on the dynamically induced stretching.